What happens when hit a bump in growth?
transformanceinc |
You
know the situation, something is not right. Your business growth has plateaued.
Your value proposition still works, but you lose old customers as fast as you
gain new customers. You mistakenly attribute this loss to normal customer
attrition.
You
are trying to increase your marketing engine harder but sales remain flat. The
economic climate does not really encourage you to spend more of your cash on
marketing, with little hope of return.
You
add new products. You target new customer audiences. You experience short-term
increases in sales but it is not the breakthrough you hoped for. Sales fall,
then rise and then fall again. You feel like you are on a treadmill. It is
exhausting. You settle into your new normal.
All
of your time and energy is devoted to keeping your house of cards standing.
One
of the obvious things you can do is look to your existing customer base. Can
you sell more products and services to them, or are you just relying on a
single sale, based purely on new customers and new business?
Can
you put together an attractive offer that will make them either repurchase or buy
an additional product or service?
Do
you know if your customers are satisfied with what you sold them? If they are,
what are you doing to increase their connection to your business so they are
the road to becoming loyal customers and advocates? Moving on from this, are
you in a position to seek active referrals and recommendations from existing
customers and if you do that how are you going to reassure your existing
customers that you are really going to look after their referrals? Are you
going to recompense your own customers for those referrals?
transformanceinc |
The
point I am trying to make is this – if you new business acquisition from new
customers is slowing or becoming costly to attain, then look to cross selling
to your existing customers and consider a referral or member get member
program.
Customer
retention and customer development are not just for large corporations.
Start
as you mean to go on.
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